When it comes to the trending technologies of today, we cannot miss out on Blockchain technology. It was launched in 2008 and since then there is no looking back for it. The technology allows businesses to carry out transparent and secure transactions.
Discussing cryptocurrency, we all are familiar with Bitcoin which was released in 2010 and the present value of a single bitcoin is unbelievable.
So, looking at the success of this technology, we can surely say that investing in an effective cryptocurrency exchange development solution is going to help you reap the benefits. In this article, we will discuss the cost & features to build the most trending cryptocurrency exchange that is Binance. So, let us begin.
Introduction To Binance
Binance is one of the giant crypto exchange platforms across the world. It is one of the trading platforms that offer innovative trading modules to its users. Crypto became popular among users in a short span thereby resulting in high demand for reliable blockchain development agencies in the market.
Statistics of Binance
Looking at the stats of this platform given below you will be amazed to see its success. It has 10 million active users as the platform offers a range of features like instant trading, order booking system, IEO module known as Binance launchpad, future trading, margin trading, currency marketplace, multi-lingual support, impressive UI/UX, etc.
Why Binance Is A Successful Crypto Exchange Platform?
Today, the cryptocurrency market is at its peak across the world. At present 700 cryptocurrencies are available across the world. With the amazing success of bitcoin, a lot of people moved towards investing in bitcoin. It directly increased the demand for agencies providing blockchain app development services, primarily cryptocurrency exchange development.
Talking about Binance, it is new in the market and still has a market value of around $2 billion. What makes it so successful? Here are some reasons to look at
- Minimal trading fees
- Massive listings of Initial Coin
- Only 0.01% off each trade charged from the users (against every trade made by them)
- Support around 100 Cryptocurrencies
- Introduced gifting ideas such as ‘Gifto’
- Offer funding for start-ups to help them
So, you can make money by investing in Binance like cryptocurrency exchange app to build an excellent exchange development platform.
Now, let us move on to learn how to build a cryptocurrency exchange mobile app similar to Binance.
Essential Features To Be Integrated Into Cryptocurrency Exchange Platform like Binance
The most crucial thing that you need to consider during Binance Mobile App Development is the features that you want to include in your app. The reason is that you will find several platforms already available in the market. So, make sure you choose the features that are essential and not present in other apps. It means you need to make your app different from others. To do this you can choose cryptocurrency exchange app development services that can assist you to bring your ideas to life.
Secondly, do not overlook security. It is one of the vital aspects of trading on any platform that users would look forward to. So, make sure you hire a blockchain app development agency to help you build a highly secure app. The trading platform depends a lot on trust so security is the prime factor you need to give utmost priority which in turn would bring success for your app.
So let us go through the features you need for your cryptocurrency exchange platform :
1. Hassle-free Sign Up
To help your customers avoid the hassles of login in or sign-up repeatedly on your app/platform, try to introduce a hassle-free sign-up process. This will help users to trust your app and be assured that no hackers are trying to hack their accounts. You can ask the blockchain developers you hire to integrate a 2-step authentication factor too.
2. Complete Verification
Certainly, your app should not allow all users to use the app for trading. It means only real and verified customers should be allowed. So, you need to consider user verification while creating Binance like a cryptocurrency exchange app. The verification is based on different features you integrate into your app. For instance, some platforms come with withdrawal limits or allow limited trading per day. It will let you prevent unauthorized people and scammers from entering your app.
3. Simple Deposits & Withdrawals
Make sure you integrate simple process for withdrawals and deposits. If your app has a complex process the users may not be interested in using the platform. So, incorporate simple steps for users to deposit money into wallets and also withdraw money from their wallets. You can include limits for deposits and withdrawals to prevent possible frauds.
4. Safe Transactions
You need to ensure the complete security of every transaction made by the users. Make sure the transactions are error-free and fast and do not result in system lags.
5. Instinctive Dashboard
With an instinctive dashboard, you can help the users track their transactions. You can include detailed analytics to help users go through graphs & charts for successful trading.
6. API Integration
Having an internal API can help users to use an automatic trading system and browse through data to trade effectively. It will help you offer an amazing trading experience in respective cryptocurrencies to your users.
7. Admin Panel
It is the most vital feature to be considered during Binance Mobile App Development. You can help your employees monitor all the transactions and trades made by the users. It is one of the amazing features that let you know about all happenings on your platform.
So, the above-mentioned features are essential features for our app and apart from these, you can add more features to your app after discussing with your blockchain app development company.
The Cost Incurred To Build An Exchange Platform Similar To Binance
After knowing about the features that are vital for your app, the next thing that you may be concerned about is the cost of building a cryptocurrency exchange like Binance.
Well, the cost varies with several factors and based on the process of development of cryptocurrency exchange platform in different steps can help you determine the cost :
- Back-end development
- Front-end development
- Blockchain Integration
- Integrating APIs
- Testing & Security
So, the above factors can influence the overall costs of your cryptocurrency exchange cash app, but many other factors decide the cost like the complexity of the project, location of the developer, the platform used, etc.
Wrap up!
Looking at the increase in cryptocurrency enthusiasts, the demand for cryptocurrency is increasing. So, creating your cryptocurrency exchange app is indeed a great idea.
A lot of users are moving towards trading cryptocurrencies these days. Hence, it is important to build a highly secure app to generate more revenues.
Well, not all app development agencies have expertise in building cryptocurrency exchange apps, so spare some time to research and shortlist expert companies for your app project. If you are looking for one, X-Byte Enterprise Solutions, a leading blockchain app development company in usa can help you get a feature-loaded, secure and fully functional cryptocurrency exchange mobile app like Binance to get started and generate revenues.